New York Lions Group filed plans with the Buildings Department to begin construction in Long Island City on a residential tower, which will be a 15-story, mixed-use commercial and residential building with 88 apartments, according to city records.

Prices are cooling off in the hot Long Island City rental market as values for studios, one and two-bedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate.

“The city needs to figure out some sort of incentive to developers, whatever it may be, for somebody to build new offices. If [Long Island City] had these offices it will keep people here and it’ll give people incentive to stay here or come here, which will help the overall market.”